It's been a busy early session, with....>

EGB SUMMARY: It's been a busy early session, with decent volume in EGB

-The big events were on the national PMIs, starting with the French

Manufacturing posting a 2-month low, Service and Composites a 4 months low

respectively.

-Bund rallied from its lows at 173.35 to 173.68 initially.

-Next stop was Germany, and they didn't fair any better, posting a Manufacturing

at 123 month low, Services 9-month low, and Composite 83month low.

-This pushed Bunds above 174.00, and the contract extended even further, upon

the EC PMI release, showing Manufacturing at the lowest since Oct 2012, whilst

services showed a 8-month low), and Composite lowest reading since Jun 2013.

-Bund rally was worth over 100 ticks on the day,  in turn putting some serious

pressure into the EUR, with Equities not fairing much better.

.Bund led Global Government Bonds, and as such BTPs and Treasuries followed suit

and are better bid.

-Looking ahead, we have more speakers including ECB Draghi EU Parliament, ECB

Lane, Fed Williams, Daly and Bullard, without forgetting US PMIs.